When your child decides to study in Europe, it is time to be proud. It means you have done your job well. He has the confidence and intelligence he needs to branch out on his own, furthering his education beyond what you would hoped. It is also time of great worry for you as his parent. The two of you are oceans apart, and you are not convinced your offspring is entirely capable of making it on his own. One of your greatest worries is the financial side of things. Of course, you want to make sure he is covered, but what is the best way to help him when he needs it? There are several ways to send money to your child studying in Europe, each with its own advantages and disadvantages.
Pros and сons of various money transfer methods to Europe
Sending money to Europe should be quick and hassle-free. Figuring out which method works best for the both of you will help you worry less while your kid is away. There are several ways to get the funds over, and they are listed below.
Your bank is a good place to start. However, it may not be the best way to send money, especially if your child only needs a small amount. Most money changes hands (accounts) electronically these days, which makes transferring money bank-to-bank an easy choice. Most banks offer a couple of delivery options such as ACH, which can take a few days to complete, or overnight deposit (at extra cost).
Banks also offer wire transfer service, but this option typically comes with high fees and is best reserved for sending large sums of money, exceeding other transferring methods’ capacities.
E-wallet is a broad term used to describe a virtual “wallet” kept online. Many large companies offer e-wallet services including Google, Samsung, Apple, and more. Transferring money to your student overseas is actually quite simple using these services, but if you’re not comfortable with sharing your financial information online, this may not be the right option for you.
The biggest benefit of using an e-wallet service to transfer money is convenience. By simply assigning in to your account, you can send cash from your bank account or a credit card in just a click or two. Most of the time the funds are instantly available for collection. Depending on which service you use, the fees will be applied.
If you’re looking for the cheapest and most convenient method to send cash to your student abroad, MoneyPolo is a good choice. Delivering your funds in the currency of your choice, the cash reaches your child in as little as 15 minutes. The thing that sets MoneyPolo apart from other cash transfer methods is the fact that it is available via several different outlets. You can send money online, with a mobile app or you can visit a MoneyPolo branch in person.
The process is quick and hassle-free. Simply head to moneypolo.com and create a free account. Once your account is verified, you can download the app and start sending money. You will never stop worrying about your baby being so far away, but at least you’ll have peace of mind knowing he has the money he needs.